Noncompetition Period. The "Noncompetition Period" shall commence --------------------- --------------------- on the date hereof and continue (i) if Executive is terminated by the Company with or without Cause, until such date as shall be specified by the Company in writing within the 14 days after Termination, provided that such date shall not -------- be later than the first anniversary of the Termination, or (ii) otherwise, until such date as shall be specified by the Company in writing within the 30 days after Termination, provided that such date shall not be later than the 18-month -------- anniversary of the Termination. After the end of the Severance Pay Period (or if there is no Severance Pay, the date upon which the Company elects the duration of the Noncompetition Period), the Company shall until the end of the Noncompetition Period pay Executive his Noncompete Compensation (unless Executive breaches his obligations under this paragraph 7, it being understood that in such case Executive shall continue to be bound by such obligations as if the Company were continuing to pay Noncompete Compensation). If there is no Severance Pay, the Company shall during the period from Termination until such time as the Company elects the duration of the Noncompetition Period (the "Interim Period"), pay Executive his Interim Compensation (unless Executive -------------- breaches his obligations under this paragraph 7, it being understood that in such case Executive shall continue to be bound by such obligations as if the Company were continuing to pay Interim Compensation). "Noncompete Compensation" ----------------------- shall consist of 50% of the salary that Executive received under paragraph 5(d) above as compensation from the Company and its Subsidiaries immediately prior to Termination (Executive's "Previous Salary") together with the continuation of --------------- the medical benefits that the Company provided to Executive immediately prior to Termination (Executive's "Previous Benefits"); provided that if at any time ----------------- -------- during the Noncompetition Period Executive obtains other employment (i) with comparable medical benefits to Executive's Previous Benefits, Executive's Noncompete Compensation shall during the period of such employment not include the continued provision of medical benefits, and (ii) with a salary exceeding 50% of Executive's Previous Salary, Executive's Noncompete Compensation shall during the period of such employment be reduced (but not below zero) by the amount of such excess. "Interim Compensation" shall consist of 100% of -------------------- Executive's Previous Salary and Previous Benefits, provided that if at any time -------- during the Interim Period Executive obtains other employment, Executive's Interim Compensation shall during the period of such employment be reduced (but not less than zero) by the amount of salary and benefits received as compensation for such other employment.
Appears in 3 contracts
Samples: Executive Stock Agreement and Employment Agreement (Focal Communications Corp), Executive Stock Agreement and Employment Agreement (Focal Communications Corp), Executive Stock Agreement and Employment Agreement (Focal Communications Corp)
Noncompetition Period. The "Noncompetition Period" shall --------------------- commence --------------------- --------------------- on the date hereof and continue (i) if Executive is terminated by the Company with or without Cause, until such date as shall be specified by the Company in writing within the 14 calendar days after Termination, provided that such date shall -------- not -------- be later than the first anniversary of the Termination, or (ii) otherwise, until such date as shall be specified by the Company in writing within the 30 calendar days after Termination, provided that such date shall not be later than the 18-month -------- anniversary of the Termination. After the end of the Severance Pay Period (or if there is no Severance Pay, the date upon which the Company elects the duration of the Noncompetition Period), the Company shall until the end of the Noncompetition Period pay Executive his Noncompete Compensation (unless Executive breaches his obligations under this paragraph 73, it being understood that in such case Executive shall continue to be bound by such obligations as if the Company were continuing to pay Noncompete Compensation). If there is no Severance Pay, the Company shall during the period from Termination until such time as the Company elects the duration of the Noncompetition Period (the "Interim Period"), pay Executive his Interim Compensation (unless Executive -------------- breaches his obligations under this paragraph 73, it being understood that in such case Executive shall continue to be bound by such obligations as if the Company were continuing to pay Interim Compensation). "Noncompete Compensation" ----------------------- shall consist of 50% of the salary that Executive received under paragraph 5(d1(d) above as compensation from the Company and its Subsidiaries immediately prior to Termination termination (Executive's "Previous Salary") together with the continuation of --------------- the medical benefits that the Company provided to Executive immediately prior to Termination (Executive's "Previous Benefits"); provided that -------- if at any time ----------------- -------- during the Noncompetition Period Executive obtains other employment (i) with comparable medical benefits to Executive's Previous Benefits, Executive's Noncompete Compensation shall during the period of such employment not include the continued provision of medical benefits, and (ii) with a salary exceeding 50% of Executive's Previous Salary, Executive's Noncompete Compensation shall during the period of such employment be reduced (but not below zero) by the amount of such excess. "Interim Compensation" shall consist of 100% of -------------------- Executive's Previous Salary and Previous Benefits, provided that if at any time -------- during the Interim Period Executive obtains other employment, Executive's Interim Compensation shall during the period of such employment be reduced (but not less than zero) by the amount of salary and benefits received as compensation for such other employment.the
Appears in 1 contract
Samples: Executive Employment Agreement (Focal Communications Corp)
Noncompetition Period. The "Noncompetition Period" shall commence --------------------- --------------------- commence on the date hereof and continue (i) if Executive is terminated by the Company with or without Cause, until such date as shall be specified by the Company in writing within the 14 days after Termination, provided that such date -------- shall not -------- be later than the first anniversary of the Termination, or (ii) otherwise, until such date as shall be specified by the Company in writing within the 30 days after Termination, provided that such date shall not be later -------- than the 18-month -------- anniversary of the Termination. After the end of the Severance Pay Period (or if there is no Severance Pay, the date upon which the Company elects the duration of the Noncompetition Period), the Company shall until the end of the Noncompetition Period pay Executive his Noncompete Compensation (unless Executive breaches his obligations under this paragraph 7, it being understood that in such case Executive shall continue to be bound by such obligations as if the Company were continuing to pay Noncompete Compensation). If there is no Severance Pay, the Company shall during the period from Termination until such time as the Company elects the duration of the Noncompetition Period (the "Interim Period"), pay Executive his Interim -------------- Compensation (unless Executive -------------- breaches his obligations under this paragraph 7, it being understood that in such case Executive shall continue to be bound by such obligations as if the Company were continuing to pay Interim Compensation). "Noncompete Compensation" ----------------------- shall consist of 50% of the salary that Executive ----------------------- received under paragraph 5(d) above as compensation from the Company and its Subsidiaries immediately prior to Termination (Executive's "Previous Salary") --------------- together with the continuation of --------------- the medical benefits that the Company provided to Executive immediately prior to Termination (Executive's "Previous Benefits"); ----------------- provided that if at any time ----------------- -------- during the Noncompetition Period Executive obtains -------- other employment (i) with comparable medical benefits to Executive's Previous Benefits, Executive's Noncompete Compensation shall during the period of such employment not include the continued provision of medical benefits, and (ii) with a salary exceeding 50% of Executive's Previous Salary, Executive's Noncompete Compensation shall during the period of such employment be reduced (but not below zero) by the amount of such excess. "Interim Compensation" shall -------------------- consist of 100% of -------------------- Executive's Previous Salary and Previous Benefits, provided -------- that if at any time -------- during the Interim Period Executive obtains other employment, Executive's Interim Compensation shall during the period of such employment be reduced (but not less than zero) by the amount of salary and benefits received as compensation for such other employment.
Appears in 1 contract
Samples: Executive Stock Agreement and Employment Agreement (Focal Communications Corp)
Noncompetition Period. The "Noncompetition Period" shall commence --------------------- --------------------- on the date hereof and continue (i) if Executive is terminated by the Company with or without Cause, until such date as shall be specified by the Company in writing within the 14 days after Termination, provided that such date shall not -------- be later than the first anniversary of the Termination, or (ii) otherwise, until such date as shall be specified by the Company in writing within the 30 days after Termination, provided that such date shall not be later than the 1812-month -------- anniversary of the Termination. After the end of the Severance Pay Period (or if there is no Severance Pay, the date upon which the Company elects the duration of the Noncompetition Period), the Company shall until the end of the Noncompetition Period pay Executive his Noncompete Compensation (unless Executive breaches his obligations under this paragraph 73, it being understood that in such case Executive shall continue to be bound by such obligations as if the Company were continuing to pay Noncompete Compensation). If there is no Severance Pay, the Company shall during the period from Termination until such time as the Company elects the duration of the Noncompetition Period (the "Interim Period"), pay Executive his Interim Compensation (unless Executive -------------- --------------- breaches his obligations under this paragraph 73, it being understood that in such case Executive shall continue to be bound by such obligations as if the Company were continuing to pay Interim Compensation). "Noncompete Compensation" ----------------------- shall consist of 50% of the salary that Executive received under paragraph 5(d) above as compensation from the Company and its Subsidiaries immediately prior to Termination (Executive's "Previous Salary") together with the continuation of --------------- the medical benefits that the Company provided to Executive immediately prior to Termination (Executive's "Previous Benefits"); provided that if at any time ----------------- -------- during the Noncompetition Period Executive obtains other employment (i) with comparable medical benefits to Executive's Previous Benefits, Executive's Noncompete Compensation shall during the period of such employment not include the continued provision of medical benefits, and (ii) with a salary exceeding 50% of Executive's Previous Salary, Executive's Noncompete Compensation shall during the period of such employment be reduced (but not below zero) by the amount of such excess. "Interim Compensation" shall consist of 100% of -------------------- Executive's Previous Salary and Previous Benefits, provided that if at any time -------- during the Interim Period Executive obtains other employment, Executive's Interim Compensation shall during the period of such employment be reduced (but not less than zero) by the amount of salary and benefits received as compensation for such other employment.under
Appears in 1 contract
Samples: Executive Employment Agreement (Focal Communications Corp)